Praetorian Resources Ltd Raised GBP1.5 Million Investment Into Praetorian And Issue Of Zero Dividend Preference Shares
Praetorian Resources Ltd announced that it has entered into a funding agreement (the Agreement) with Damille Investments II Limited (Damille) to raise GBP1,500,000. The Agreement has been entered into through a newly incorporated wholly owned subsidiary of Praetorian, Praetorian ZDP Limited (Praetorian ZDP). Praetorian ZDP is a special purpose vehicle incorporated for the sole purpose of entering into the Agreement. Under the Agreement, Praetorian ZDP issued 1,500,000 unlisted, zero dividend preference shares (the 'Shares') to Damille for a consideration of GBP1,500,000 (the 'Subscription Price'). The Shares carry an annually compounded coupon of 11% and have a maximum three year term from the date of signing the Agreement. Praetorian has agreed to pay Damille a facility fee of 2% of the Subscription Price which is due within 14 days of signing the Agreement.
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